Indianapolis Real Estate Market Report - December 2008

There are currently 7620 homes for sale in Indianapolis in Marion County. Sales were up in December compared to November, with 100 more homes sold in December.

There were 803 homes sold in December which represents 10.5% of the current inventory.

Last month sales equaled 8.8% of the inventory.

Township

Active

Sold

Average Price

Highest Price

Wayne

915

98

$58,653

$169,000

Pike

674

62

$84,782

$292,000

Washington

1143

102

$167,347

$1,000,000

Lawrence

901

107

$111,168

$935,000

Warren

974

115

$60,101

$256,000

Franklin

503

53

$118,846

$325,000

Perry

580

75

$95,811

$373,000

Decatur

201

36

$77,135

$157,000

Beech Grove

68

11

$79,700

$254,900

Speedway

53

7

$109,214

$165,000

Center NE

938

85

$42,345

$440,000

Center NW

177

9

$45,925

$281,300

Center SE

437

41

$22,887

$86,000

Center SW

56

2

$84,450

$141,900

The average price for Indianapolis home sales was $87,053.

The average home was three bedroom, two baths with 1589 square feet.

The average days on market was 93 days.

The highest priced home sold was in Washington Township at Meridian Knolls; a 1929 historical colonial with six bedooms, 6 baths and 7696 square foot, which sold for $1,000,000.

The lowest priced home sold was a bank owned, 4 bedroom, 2 bath home, with 2700 square feet, located at 16th and Lafayette Rd, selling for $2500.

Of the 803 homes sold in November, 402 homes were distressed property sales. This broke last months number of bank owned and short sale properties sold. It represents 50% of the homes sold in Marion County last month were in some stage of foreclosure or were bank owned.

There were 220 foreclosed properties which sold for less than $50,000.

The highest priced distressed property sale was in Lawrence Township at Feather Cove at Geist. The home featured 4 bedrooms, 4 baths, boat dock, 5062 square feet and sold for $320,000. Last months highest priced bank owned home also sold in Feather Cove.

The lowest priced home sold was the $2500.00 homes previously mentioned. The average price for distressed property sales was $51,316.

Discussion

It would be interesting to see what the figures are now almost a year later, the recession has made its mark and not only in real estate but in everything. Tighten out belts thats what they continue to say to us.